SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: June 11, 2003
AT&T CORP.
(Exact Name of Registrant as Specified in Charter)
New York
(State or Other Jurisdiction of Incorporation)
1-1105 13-4924710
(Commission File Number) (IRS Employer Identification No.)
One AT&T Way
Bedminster, New Jersey 07921
(Address of Principal Executive (Zip Code)
Offices)
Registrant's telephone number, including area code: (908) 221-2000
Not Applicable
(Former Name or Former Address, If Changed Since Last Report)
A New York Commission File I.R.S. Employer
Corporation No. 1-1105 No. 13-4924710
Form 8-K AT&T Corp.
June 11, 2003
ITEM 9. REGULATION FD DISCLOSURE.
What are we disclosing?
On June 11, 2003, David W. Dorman, our Chairman and Chief Executive Officer,
disclosed at the AT&T Annual Meeting that our Net debt to EBITDA ratio as of
March 31, 2003 was 1.2 times. By Net debt to EBITDA we mean net debt at March
31, 2003 ($12.0 billion) divided by EBITDA (earnings before taxes, depreciation,
amortization and the AT&T Latin American impairment charge) for the twelve
months ended March 31, 2003 ($9.8 billion).
Reconciliation of net debt to debt at March 31, 2003:
(dollars in millions)
Net debt $11,982
Cash 4,900
Restricted cash 464
Foreign debt fluctuations 786
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Total debt $18,132
Reconciliation of EBITDA to net income for the twelve months ended March 31,
2003:
(dollars in millions)
EBITDA $9,821
Depreciation and amortization (4,899)
AT&T Latin America impairment charge (1,029)
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Subtotal operating income 3,893
Other (expense), net (12)
Interest (expense) (1,384)
(Provision) for taxes (1,405)
Minority interest income 95
Net (losses) related to equity investments (141)
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Net income from continuing operations 1,046
Net (loss) from discontinued operations (13,948)
Gain on disposition of discontinued operations 1,324
Cumulative effect of accounting change 42
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Net (loss) $(11,536)
Our senior management believes that these financial measures are relevant in
assessing our liquidity and financial performance.
This information furnished under "Item 9. Regulation FD Disclosure" is intended
to be furnished under "Item 12. Results of Operations and Financial Condition"
in accordance with SEC Release No. 33-8216.
The information in this Form 8-K shall not be deemed "filed" for purposes of
Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933, except as shall be
expressly set forth by specific reference in such filing
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AT&T CORP.
/s/ Robert S. Feit
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By: Robert S. Feit
Vice President - Law and Secretary
June 16, 2003